Allia Impact Finance was delighted to hear the news that Eildon Housing Association’s latest development at Roxburgh and Union Street in Kelso has officially opened.
Eildon are one of several housing associations to access funding through Allia’s Scottish charitable bond programme. The bonds provide loans, using Scottish Government investment, to housing associations for affordable housing, while interest on the loans enables the Government to provide grants for social housing.
This new development, which recently received a Commendation at the Scottish Home Awards, marks yet another successful phase of Eildon’s development programme.
Nile Istephan, Chief Executive of Eildon Housing, said “We are extremely proud of this development and acquired the site from Scottish Borders Council back in October 2016. The site then comprised of two small car parks, one off Roxburgh Street, the second off Union street and the remainder of the land was a vacant plot off Bowmont Street.
“As part of our record-breaking growth programme of quality affordable new build developments in the Borders, Eildon have utilised borrowing secured through the Scottish Government backed scheme administered by Allia to help fund this. These financial arrangements have assisted us to deliver this award-winning new scheme in Kelso, providing 18 fantastic new homes and allowing us to regenerate a historically important site in the town. This partnership working with the Scottish Government and Allia will also enable further new developments across Borders communities over the next few years.”
The total cost of the scheme was £2,310,987, including funding via Allia’s bond of £1,141,896 and a grant of £1,169,091 provided by the Scottish Government.